Alpharetta Bankruptcy: "I need to fight a repo"

By
Roswell Bankruptcy Lawyer
|March 29, 2015

Question: I need to fight a car repo. We have two cars but I think one of them will
be repossessed very soon. The bank said that they are looking for the
car. Now I'm scared and I'm afraid to park it on the street or
in my driveway. I might just keep it at my friend's house to be safe
because he has a garage.

I'm behind on the car payments because I'm making less money. I
got a new job and I don't have the same number of clients. My wife
has a part-time job and she stays home with our kids. I don't want
the repo to take place when my wife is out with the kids. That happened
to a friend of ours and it was a big hassle.

I probably spent too much on the car but I always wanted a BMW SUV. I didn't
think the car payments would be that much and when we picked it up at
the dealer I was surprised. I guess I should have figured that out before
I signed the financing terms.

Now that I am behind 6 payments, I think I have to file bankruptcy. If
I file bankruptcy I want to keep the car. I really like the SUV and I
even have my name on the tag.

I think I can get a part-time job to pay for the car. But I really don't
want to lose it. Can going
bankrupt help me save my car?

D.F. in Alpharetta

Answer: We are getting a lot of questions regarding bankruptcy and
repossession. Filing bankruptcy helps prevent
car repossession. Once you file, the repo has to stop.

In your case, a
chapter 13 will allow you to put any payments that are outstanding into the bankruptcy.
You can put the 6 payments you are behind into a chapter 13 and then pay
them off through a plan over number years; many times it's over 5 years.

During the pendency of the bankruptcy, however, you must make your regular
monthly car payment. But the payments that are now outstanding can be
included in the plan.

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